(a) Political subdivisions acting jointly as authorized in this subchapter shall create a board from the inhabitants of such political subdivisions for the purpose of acquiring property for, establishing, constructing, enlarging, improving, maintaining, equipping, operating and regulating the airports and other air navigation facilities and airport protection privileges to be jointly acquired, controlled and operated. The board shall consist of members to be appointed by the governing body of each political subdivision involved, the number to be appointed by each to be provided for by the agreement for the joint venture. Each member shall serve for such time and upon such terms as to compensation, if any, as may be provided for in the agreement.
(b) Each board shall organize, select officers for terms to be fixed by the agreement, and adopt and from time to time amend rules of procedure.
(c) Each board may exercise, on behalf of the political subdivisions acting jointly by which it is appointed, all the powers of each of such political subdivisions granted by this chapter, except as herein provided. Real property, airports, restricted landing areas, air protection privileges or personal property costing in excess of a sum to be fixed by the joint agreement, may be acquired, and condemnation proceedings may be instituted, only by authority of the governing bodies of each of the political subdivisions involved. The total amount of expenditures to be made by the board for any purpose in any calendar year shall be determined by the political subdivisions involved by the approval by each on or before the preceding December 1st of a budget for the ensuing calendar year. Rules and regulations provided for by paragraph (2) of § 909 of this title shall become effective only upon approval of each of the appointing governing bodies. No real property and no airport, other air navigation facility, or air protection privilege, owned jointly, shall be disposed of by the board, by sale, lease or otherwise, except by authority of all the appointing governing bodies, but the board may lease space, area or improvements and grant concessions on airports for aeronautical purposes or purposes incidental thereto, subject to subdivision (3) of § 909 of this title.